Editas Medicine (NASDAQ:EDIT) Announces Quarterly Earnings Results

Editas Medicine (NASDAQ:EDIT) issued its quarterly earnings data on Monday. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.04, FiscalAI reports. Editas Medicine had a negative net margin of 144.95% and a negative return on equity of 158.18%. The business had revenue of $10.37 million for the quarter, compared to analyst estimates of $4.46 million.

Editas Medicine Stock Down 1.4%

Shares of NASDAQ:EDIT traded down $0.04 during midday trading on Wednesday, reaching $2.48. 804,205 shares of the company traded hands, compared to its average volume of 2,228,103. The firm’s fifty day moving average price is $2.68 and its two-hundred day moving average price is $2.69. Editas Medicine has a 12 month low of $1.66 and a 12 month high of $3.94. The firm has a market capitalization of $380.11 million, a price-to-earnings ratio of -3.99 and a beta of 2.08.

Analysts Set New Price Targets

EDIT has been the topic of several research reports. LADENBURG THALM/SH SH began coverage on shares of Editas Medicine in a report on Tuesday, August 18th. They issued a “buy” rating and a $6.00 price objective on the stock. Guggenheim raised Editas Medicine from a “neutral” rating to a “buy” rating and set a $5.00 price target for the company in a research note on Wednesday, September 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Editas Medicine in a report on Wednesday, November 4th. Wall Street Zen raised shares of Editas Medicine from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Finally, Wells Fargo & Company upgraded shares of Editas Medicine from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $4.00 to $6.00 in a research report on Thursday, October 8th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Editas Medicine presently has a consensus rating of “Moderate Buy” and an average price target of $5.83.

Editas Medicine Company Profile

Editas Medicine, Inc. is a biotechnology company focused on developing genomic medicines using CRISPR-based gene-editing technologies. The company’s research platforms include CRISPR/Cas9 and CRISPR/Cas12a, which are designed to make precise changes to DNA and potentially treat diseases caused by genetic abnormalities. Editas Medicine’s lead investigational program is reni-cel, formerly known as EDIT-301. Reni-cel is an ex vivo gene-editing therapy intended to treat sickle cell disease and transfusion-dependent beta thalassemia by modifying a patient’s blood-forming stem cells before they are returned to the body.